Petrol and diesel cars are set to remain cheaper to own than electric vehicles until well into the second half of this decade.
Soaring electricity prices mean the "tipping point" for electric cars when they become cheaper than petrol or diesel will now not be reached until 2026, according to analysts at EY. Their previous forecast was 2023-24.
Maria Bengtsson, partner and UK electric car lead at EY, told the Telegraph that higher energy costs are offsetting the reduction in vehicle costs.
She added: "So the tipping point has moved further out and we are looking tentatively at 2026."
The slipping threshold risks setting back the UK Government's ambition to phase out fossil-fuel cars as part of net-zero targets.
The sale of petrol and diesel cars is set to be banned by 2030, potentially creating problems for drivers if the tipping point for value continues to be pushed back.
Scope to cut costs
Ms Bengtsson said there is scope for drivers to cut costs by seeking out better deals or changing their charging habits. The range in cost for charging is much bigger than the range of fuel rates for petrol and diesel cars, and can add a large amount to the cost of running a battery-powered vehicle.
"It's really important as a consumer that you consider your charging options and make sure you get the best rates," Ms Bengtsson said.
EY's analysis covers the total costs of ownership, both buying and running the car, over three years on a personal contract purchase finance plan.
Currently, electric vehicles are more expensive to buy than petrol and diesel versions - although costs are coming down. Battery-powered benefit from less tax to pay, as no fuel duty is due, and lower maintenance costs.
Drivers typically try to charge at home where electricity is cheapest. Charging points on the street, at work or on the motorway can be far pricier.
There are now an estimated 456,000 pure battery cars on the road, as well as about 384,000 plug-in hybrids. That compares to less than 50,000 of each in 2015.